market irrational, page-4

SBM have bigger resources, but not 4x bigger. They are going to produce more than NGF but not 4x more. Last quarter SBM produced less than NGF.

At current gold prices, SBM will not have 4x the cash flow (nor a longer mine life) of NGF once SBM's production is ramped up. I guess what I'm saying is that the market is giving SBM more than full credit for what they are only forecasting to do, if you compare them to NGF's price.